03:19 PM EDT, 07/31/2024 (MT Newswires) -- (Updates with additional details in the fourth, fifth and sixth paragraphs.)

Bill Ackman's Pershing Square USA said Wednesday it has abandoned its previously announced initial public offering.

Despite receiving "enormous investor interest" in Pershing Square USA, it has been decided to reassess the company's "structure to make the IPO investment decision a straightforward one," Ackman said in a statement.

"We will report back once we are ready to launch a revised transaction," Ackman added.

The decision to withdraw comes a day after the fund said it was looking to raise $2 billion through the public float of 40 million shares on the New York Stock Exchange at $50 each.

Reuters reported Tuesday that there was growing concern among potential investors with the close-end structure of the fund and how it planned to invest the capital.

Pershing Square USA said in June that it planned to invest in 12 to 15 large, undervalued North American companies.